Hi,
I am looking at purchase price of 120k Pound sterling (max) I have a 25% deposit, income will support repayments easily, but am having problem finding someone who will give me the mortgage. Have uk passport, but live in Australia, can anyone please advise best way to secure this deal.
ThanksJulie Think you will struggle at the moment.
Was going to suggest John Charcoal but i see they went out backwards 3 months ago and whilst are back in the game are trading in administration.
And you thought getting finance here was bad.
Richard Taylor | Australia's leading private lender
Hey Julie,
Just out of interest, why are you looking to invest in the UK instead of Australia? I am just asking because I have a UK passport also, but live and work in Australia and I would be really interested to know what the advantages of investing in the UK are.
Thanks
Ryan McLean | On Property
http://onproperty.com.au
Email MeRyan simple answer is can you buy a house in Australia for the equivent of 14,000 pounds?
I can in places like Rotherham and another doezen cities with good infrastructure, population and property management.
Richard Taylor | Australia's leading private lender
Ryan – you've piqued my interest on the UK. Are you able to give some more info? It would be good to take advantage of the weak pound at the moment and pick up some high yielding property in the meantime. I hadnt thought of investing in property there.
I did look at cars though! ie If living there for 12mths you could purchase a nice BMW M5 etc for GBP25k and import it to oz where you could sell it for $120k+… Shame im not living there at present.
I’m also interested in the UK. I know you need a special ‘buy to let’ mortgage but that’s about it.
A buy-to-let mortgage is a type of UK mortgage specially designed for purchasing properties to rent. The criteria is based on the LTV and the percentage of rent to mortgage payment ratio (rental coverage). The interest rates are slightly higher than other residential mortgage types and you will have to pay a higher deposit.
Julie – This type mortgage should be easier to obtain for non-residents and is based primarily on rental income rather than personal income.
Buy to let mortgages in the UK are really hard to get at the moment. I live in England and can't get one. Could you maybe use an Australian line of credit? I think the UK is heading for big inflation, so try and fix your rates.
Hello,
If you are still interested in a UK mortgage – please contact me as I have contacts who deal in the expat market.
Regards,
Steve Park-Smith
email: [email protected]
Tel: 0433393688
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